ChatGPT for Finance is here, and it’s a game-changer 🤯; Open Banking is getting really hot 🚀; The Apple of Web3 is being built in Paris🇫🇷
FinTech is Eating the World, 3 April
Hey Everyone,
Happy Monday! I hope you managed to recharge during the weekend because we’re starting a new week with a bang 💣 On today’s radar we have ChatGPT for Finance (it’s here, and it’s a game-changer!), Open Banking, which is getting really hot (& why now it’s more important than ever before), and the Apple of Web3 that is being built in Paris (it’s a big one!). Let’s jump straight into the spicy stuff 🌶
ChatGPT for Finance is here, and it’s a game-changer 🤯
The hot news🔥 That was fast! One of the most powerful media conglomerates and financial data powerhouse Bloomberg has just unveiled BloombergGPT, a new large language model (LLM) for finance 🤯
More on this 👉 It's a 50-billion parameter LLM trained on financial data and built from scratch specifically for the finance industry.
BloomberGPT is the largest domain-specific dataset with 363 billion tokens that are further augmented with 345 billion tokens from general-purpose datasets. For comparison, GPT-3 is 3.5x larger (175 billion parameters) but was trained on 1.4x fewer tokens (499 billion).
“ChatGPT for Finance” outperforms existing models on financial tasks while not sacrificing performance on general LLM benchmarks. That’s rather impressive given it is in its infancy 👏
The USP 🥊 BloombergGPT will assist Bloomberg, a global leader in business and financial information, in improving existing financial NLP tasks such as:
- Sentiment analysis
- Named entity recognition
- News classification
- Analysing massive amounts of data available on the Bloomberg Terminal, etc.
And that’s just the beginning.
✈️ THE TAKEAWAY
Game-changer 🚀 This will be a game-changer for finance as we know. We can remember that companies like Citadel - the most profitable hedge fund in history - are already negotiating a company-wide ChatGPT license. Add BloombergGPT on top, and it will completely transform the game. Looking ahead, we can confidently expect to see vertical, domain-expert GPTs as a major new trend going forward. While it’s hard to say which organizations will win in the age of AI, but the ones with massive proprietary datasets (think finance, medicine, etc.) to train custom models sure seem to have an immense advantage. When it comes to the specific companies, we most definitely have to outline Nvidia NVDA 0.00%↑. Its new cloud service has the potential to get a lot of business from firms seeking to build these kinds of models. The future of finance will never be the same - the eras of GPTs are here. Are you ready for it?
Bonus: The insurance sector is more and more exploring the benefits of AI 🤖
Generative AI will completely transform FinTech and Banking over the next 3 years 🤖🏦
Paper: BloombergGPT: A Large Language Model for Finance